BANK
3 years ago
MY FATHER TOOK A CC LIMIT LOAN NAMED A FIRM , WHICH PROPRIETOR MY MOTHER SO MY FATHER TAKE A LOAN AS MY MOTHER NAME WHICH A CC LOAN AGAINST GOOD , MY FATHER MANAGE THAT BUSINESS 3 YEAR AGO MY FATHER DIED . NOW ALL RESPONSIBILITY COME TO MY MOTHER , SHE TRIED TO RUN BUSINESS BUT SHE CANT BECAUSE THERE NO MONEY AND NO OTHER SUPPORT , WE DONT HAVE MONEY TO PAY THAT LOAN , I M A 17 Y OLD , TELL ME ANY ADVICE , HOW CAN WE SAVE OR WHAT IS LEGAL ACTION IF WE NOT PAID BANK INSTALLMENT if we go for insolvency then personal property also taken ?? there a house name with PROPRIETOR
A.What security was provided for the CC limit. If was just the stock in trade then you can relax as bank will not take away your property but if any extra security like property was provided or personal guarantee of your mother was taken then bank might go for SARFAESI and file case in DRT for recovery.
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A.Always CC limit is back by some kind of mortgage which is the property kept for the securities in the form of FD . . . but you will have to do you will have to first see what how much has to be paid you can get the loan restructured. ... & so accordingly u can pay.... if there is some concessions the bank may offer depending on your past transactions ....
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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Adv. Sarika Khude
Responded 3 years ago
A.It is better to pay the loan. If you go for an insolvency the movable and immovable properties in the name of the company or proprietor's name will be taken by concerned authorities for paying loan and remaining if any will be given to concerned persons.
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A.Hi,
If you are unable to pay loan installments, you have three options,
1. Out of court settlement with the creditors
2. Working the credit counselling centres in order to negotiate with the creditos and lastly,
3. File for insolvency.
The last option should be your last resort, as insolvency comes with lot of restrictions. And, yes the personal property would also be sold off in the insolvency proceedings.
If you are unable to pay loan installments, you have three options,
1. Out of court settlement with the creditors
2. Working the credit counselling centres in order to negotiate with the creditos and lastly,
3. File for insolvency.
The last option should be your last resort, as insolvency comes with lot of restrictions. And, yes the personal property would also be sold off in the insolvency proceedings.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
If you are unable to pay loan installments, you have three options,
1. Out of court settlement with the creditors
2. Working the credit counselling centres in order to negotiate with the creditos
and lastly,
3. File for insolvency.
The last option should be your last resort, as insolvency comes with lot of restrictions. And, yes the personal property would also be sold off in the insolvency proceedings.
If you are unable to pay loan installments, you have three options,
1. Out of court settlement with the creditors
2. Working the credit counselling centres in order to negotiate with the creditos
and lastly,
3. File for insolvency.
The last option should be your last resort, as insolvency comes with lot of restrictions. And, yes the personal property would also be sold off in the insolvency proceedings.
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A.It is better to pay the loan. If you go for an insolvency the movable and immovable properties in the name of the company or proprietor's name will be taken by concerned authorities for paying loan and remaining if any will be given to concerned persons.
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